Let us find & review some of the best Vietnam Bitcoin Exchanges that operate in this region of South East Asia. Sign up with an active Cryptocurrency Exchange, P2P marketplace or trusted Third-party Merchant to begin trading digital currencies like Bitcoin, Ethereum & Litecoin using the local currency, the Vietnamese Dong
Vietnam is one of the fastest developing economies in the South East Asia region, with goals of modernizing the country to reach developed nation status by 2020 and becoming a leading FinTech Hub in the world. The rise of Fintech in Vietnam has been fueled by the country’s high Internet and mobile penetration rates, and its young, hyper-connected demographic.
When it comes to internet penetration rate, it turns out Vietnam is part of the top 20 countries in the World for the number of citizens that have direct access to the internet. Based on statistics, Vietnam has more than 55% of its 96 Million Population connected to the Internet and estimated that 83% of the population are using Smartphones, positioning the country to become one of South East Asia leading nation in terms of having the necessary infrastructure needed for the future of mass Cryptocurrency adoption.
A majority of adults in Vietnam still don’t have formal financial services such as a basic saving account, whereas only 31% of the population have a registered bank account. That leaves an estimate of 60 million people without access to traditional banking services even though the majority have access to the internet, this has created the perfect opportunity for digital currencies to be introduced as a new alternative financial instrument.
While Vietnam has liberalized its economy throughout the years by becoming a more business-friendly nation over the decades, it still remains a communist state with a government suspicious of what too much economic and personal freedom might bring.
According to studies, there are about 4 Million Vietnamese migrants all over the world, with many of them depending on money transfer companies to send money home, often at significant cost and inconvenience. Although historically a cash economy, Vietnam has solidified the country’s status as the 10th biggest remittance recipient worldwide receiving more than $12 billion annually, even though the expression “cash is king” is even more apt in developing nations.
There is a growing demand for Digital money transfer services and Vietnam is quickly establishing a reputation for its Financial technology, even though authorities remain sceptical when it comes to Digital Currencies. As for the regulatory stance of the country, it seems as Vietnam is not in favour of adopting Cryptocurrencies in fact, the State Bank of Vietnam (SBV) has made it clear it's not a fan of Bitcoin. It seems that Bitcoin is not to be accepted as a currency with payment function however, that does not prohibit Vietnamese citizen from the trading and possessing of Bitcoin. For now, the regulatory foundation is represented by a State Bank of Vietnam (SBV) decree on cryptocurrency issued on October 30, that declare the use of Cryptocurrencies as a form of payment to deemed illegal in Vietnam in late October 2017, with legislation taking effect in the first quarter of 2018.
Basically, you're not allowed to buy products or service in Vietnam but can directly invest in Bitcoin. Getting caught with paying in Bitcoin will make you liable to face a large fine up to 200 Million Vietnamese Dong (9,000$) and maybe even face imprisonment.Also, there is discussion regarding a new legislation as part of a wider economic upheaval that will attempt to tax Bitcoin assets in the country in the foreseeable future, as this Cryptocurrency is yet to be declared an Asset or Currency. The central bank invokes Article 4.6 of Decree 101 of 2012 on non-cash payment however the current law has not yet specified whether Bitcoin is a currency or commodity or payment instrument, this means that bitcoin trading services are not payment services and, therefore, bitcoin exchanges and traders are not governed by Decree 101 of 2012.
The announcement of the state bank of Vietnam declaring Cryptocurrency as a form of payment to be illegal transactions prevents clients from utilizing their financial institution accounts to trade Digital currencies, essentially banning the country's banks and microfinance establishments from utilizing Blockchain Technology as a medium of exchange. A move that has hindered the growth of Blockchain technology adoption in Vietnam, making it unclear for the Bitcoin Community to commerce in Cryptocurrencies despite the fact Digital Currencies are not outlawed, meaning all Vietnam citizens are still entitled to invest in Bitcoin.
Expect growing demand of Cryptocurrencies as the result of more adoption throughout Vietnam, as local residents start to see the potential of using Digital currencies. Despite multiple warnings from the State Bank of Vietnam that Bitcoin would not be met favorably, the Vietnamese Bitcoin community has continued to grow and companies like BitcoinVietnam are working alongside the Government to define regulations for Bitcoin usage in Vietnam
The Vietnamese government is currently studying the possibilities of using Blockchain technology for a National-backed currency, with the State Bank showing greater interest in Cryptocurrencies as of late, that said blockchain’s future in Vietnam still remains uncertain. Enthusiasts say it's a good sign that the national bank is trying to study blockchain technology in hopes of implementing it in the future, as there are plenty of great use cases for Digital currencies especially for a country that depends so much on third-party Remittance services
Vietnam Bitcoin Exchanges
BitcoinVietnam
This service aims at providing a service that focuses on making it easy to buy and sell Cryptocurrencies in the country by featuring an instant exchange that supports the trading of Bitcoin, Bitcoin Cash, Dash and Litecoin in exchange for the Vietnamese Dong.
The company behind BitcoinVietnam Co. Ltd. has since established itself in Vietnam as an Industry leader while also branching out as the founding company behind the Digital Exchange VBTC and Cash2vn, a Crypto Remittance service. Bit2C Ltd. was founded in 2012 and operates Isreal's largest Bitcoin Exchange, as the company specializes in providing a Digital trading platform solution, which led to strategic partnerships whereby Bit2C licensed & supplied the technology needed to run VBTC Exchange, whereas the predecessor BitcoinVietnam.com.vn is also continuing to do business as a fixed-price Brokerage.
BitcoinVietnam has been playing a central role in the Vietnamese bitcoin economy for years and there seems no slowing down as the company keeps expanding, with the intention of branching out by providing a variety of services. This Digital Exchange has established a strong presence in Vietnam, making it the go-to marketplace for traders who value the simplicity when it comes to buying Cryptocurrencies from a reputable source and intended for users that are not so interested in the fast-paced world of Bitcoin trading but prefer a hassle-free experience to begin investing
Go to BitcoinVn.io
VBTC
Headquartered in Vietnam, VBTC was established when BitcoinVN decided to collaborate with an Israeli Exchange startup Bit2C Ltd. & several members to found the first and only Bitcoin live trading Exchange platform in the country. The company Bit2C Ltd. was founded in 2012 and is known to operate Isreal largest Bitcoin Exchange, specialize in operating a digital trading platform, which led to strategic partnerships whereby the company supplied the technology needed to run VBTC's Exchange.
VBTC exchange is also a member of the Blinktrade Alliance, an International group of companies, market makers and payment processing systems specializing in Blockchain Technology. As for storage solution, VBTC keeps its reserves in a cold, multi-sig wallet as provided by BitGo, a strategic partnership to increase protection & provide insurance in event of a security breach. In the past, VBTC Vietnam Co. Ltd. announced news regarding a partnership with Coinarch Pte. Ltd. to establish Vietnam's 1st Bitcoin Leverage Trading platform that allows traders to margin trade Bitcoin, however this project known as VBTC plus never kickoff and was postponed
In preparation for the future, clients that sign up with VBTC need to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) policies regardless of the fact, that there is no formal Cryptocurrency regulation in Vietnam, a move indicating that the company plans to avoid regulatory concerns that may arise as result of a Government crackdown
With plenty of international partnerships with businesses that specialize in Blockchain solution, indicates the strong desire for the company behind VBTC to work towards a goal of becoming Vietnam's leading Marketplace for Bitcoin trading, this makes much sense due to the high level of expertise needed to run a reputable Digital Exchange
As a Bitcoin-only Exchange, Vietnamese traders can deposit & withdraw using the local currency, Vietnamese Dong and are promised 1-hour international remittances to Vietnam with cash withdrawals at thousands of locations nationwide. Overall, VBTC is the most recommend choice among Vietnamese Bitcoin enthusiasts looking to trade BTC, as this Exchange not only have an active marketplace with most competitive rates but offers the most assurance to Bitcoin Investors amongst all other service providers
Go to VBTC.exchange
Kenniex
Kenniex supports a marketplace for the BTC/VND trading pair and has since its launch managed to attract decent trade volume. Begin trading without having to go through the hassle of disclosing personal sensitive information as clients only need to register an account with an approved email and have the option of linking a VietcomBank account, if they wish to deposit or withdraw using the Vietnamese Dong. As a digital exchange platform, Kenniex claims to have low fees and also the first e-money trading platform in Vietnam to have a trading office where investors can directly get in contact with exchange operators for Investment-related advice & consultation.
Kenniex was established with the goal of creating a playground for electronic money transactions with absolute security, ease of use & intuitive UI design. This Bitcoin-only Exchange may likely be an upcoming contender to the existing Cryptocurrency Exchanges in Vietnam, as Kenniex features an active marketplace to trade Bitcoin and is distinguishing itself as more service provider that focuses on professional support services.
Go to Kenniex.com
FiaHub
Incorporated in Singapore, Fiahub is a trading platform for the Vietnamese Market that provides a reliable, secure & fast method of exchanging the local currency, Vietnamese Dong to Bitcoin & Ethereum. The company behind Fiahub is DIGITEX Pte. Ltd. is a leading Singaporean company that consists of a group of IT expert that specializes in Blockchain Solution
FiaHub offers cross-platform trading via website & mobile app with an impressive UI design that makes easy to engage in Cryptocurrency Trading. Established in 2018, this Marketplace has high liquidity for the BTC/VND & ETH/VND pair and traders can directly trade from a Live Orderbook.
When it comes to funding, Fiahub offers a variety of choices as you can link up to 6 recognized Vietnamese Banks such as VietcomBank, ACB, TPBank, VIB, Techcombank and SacomBank. Its only required to verify an email address and phone no. in order to begin trading immediately, this also means that you need don't go through a time-consuming KYC. Digitex has developed a multi-level account system with an individual approach to each customer, from Bitcoin beginners to institutional traders.
Overall, this service provides good User Interface, Multi payment options and 24/7 customer support, making Fiahub a Marketplace to consider especially if you're looking for an easy and instant way to buy into Bitcoin & Ethereum in Vietnam
Go to FiaHub
Peer-to-Peer Exchanges
LocalBitcoins
Localbitcoins is the world most popular Bitcoin Peer-to-peer marketplace that provides users with an alternative way to obtain and trade digital currencies within a country. This P2P marketplace has been active since it's original launch in 2012. Based in Finland, the goal is to connect Bitcoin buyers and sellers from around the world via an open, peer-to-peer marketplace and as a result, Localbitcoins has since become a popular marketplace for Vietnamese Bitcoin traders
A platform that offers seller and buyers from around the world to meet and trade Bitcoin in countries worldwide has become the one of the most popular Bitcoin P2P Marketplace for Vietnam citizens. Anyone can find buyer/sellers of Bitcoin and directly initiate a trade request with users that are trusted based on the built-in rating system. Essentially, Localbitcoins.com provides an Escrow service that act's as a third-party to ensure that trades are conducted fairly
Localbitcoins has developed a good reputation and established itself in a large number of countries around the world, with the site currently listing exchangers in 15582 cities across 248 countries. If you're considering of buying Bitcoin in a country like Vietnam, it's recommended to avoid unregulated third-party marketplaces and instead use a P2P marketplace like Localbitcoins. This is the fastest method to obtain Bitcoin in Vietnam without having to go through a time-consuming KYC procedure and it's easy to find reliable vendors buying/selling Bitcoin in exchange of the Vietnamese Dong
Go to LocalBitcoinsRemitano
By participating in this Marketplace, users can create and list advertisements, communicate with prospective buyers and sellers and confirm all the transaction details before finalizing any trade. Remitano, offers an online wallet, an escrow mechanism for making trades, and dispute resolution services.
As for now, there is plenty of volume for the liquid pair VND/BTC on this P2P as they play an important role for the overall Bitcoin Market, because it provides an active marketplace of buyer & seller willing to trade the Vietnamese Dong in exchange of a variety of Digital Currencies besides BTC. While LocalBitcoin is a more reputable service, Remitano has proven to be a worthy contender, as this peer-to-peer exchange has grown in popularity and earned a name for itself, especially in Vietnam & the rest of South East Asia. We at CryptoHype believe that Remitano offers the best P2P Marketplace for Vietnam residents since the quality Customer service and ease of us makes this the go-to P2P platform to engage in Cryptocurrency trading
Since Remitano is popular among Crypto Enthusiasts, it's likely to remain the most active decentralized marketplaces for buyer/sellers of digital currencies such as Bitcoin, Ethereum, Bitcoin Cash & USD Tether in Vietnam
Go to Remitano
Mesito
Developers really focused on designing a unique UI that makes it possible for someone, who may have little technical experience when it comes to Cryptocurrency Trading to find a potential buyer or seller. To begin trading, users are only required to verify a phone number, to be entitled to accept or make a listing. This particular service claims to have the lowest processing fee among all P2P marketplace and there is decent liquidity for the BTC/VND pair
Headquartered in Singapore since 2013, Mesito is developed by MIZU, a private organization that specializes in Exchange and Trading services. The team behind Mesito is run by a group of IT experts and managers, who are eager to expand their service throughout the Asian region. Mesito, now offers its platform to the majority of South East Asian countries, featuring an independent marketplace for Vietnamese traders.
Go to MesitoVietnam
